All You Need To Know About The Nashik Metro
In a move that would not only tremendously boost connectivity in what is popularly known as India’s wine capital but also positively impact the property market in the city, the Maharashtra government, on August 28, 2019, gave its approval to the Nashik Metro rail project. Work on the project is likely to start, after it receives a go-ahead from the centre.
The implementing agency: The project will be implemented by the Maharashtra Metro Rail Corporation (Maha-Metro), a special purpose vehicle of the central and the Maharashtra governments. The entity is already working on the Mumbai and Pune metro rail projects in the state.
Estimated cost: According to a government statement issued on August 28, 2019, the project would be developed at an estimated cos of Rs 2,100 crores.
Corridors: To be operated on electricity and battery power, the Nashik Metro project would have two trackless elevated corridors, with a total of 30 stations. The 22.5-km first corridor or Line 1 with 20 stations would run between Gangapur and Nashik. The 10.5-km second corridor or Line 2 with 10 stations would run between Gangapur and Mumbai Naka.
Completion timeline: The project is expected to take at least five years, once the construction work starts, after all approvals are in place.
Unique features: This would be the first metro rail project in India, to switch between roads and elevated corridors. While running on road, the tram-like rubber-tyred metro trains, with a capacity of 80 passengers, will run on battery power, while it will use electricity while running on the elevated tracks. This unique feature will also make the metro project more viable to run for authorities, keeping building costs low. For a metro rail network to be feasible, its peak hour ridership should be at least 20,000; for Nashik, the peak-hour ridership is estimated at 8,000. The hybrid metro rail is expected to cost Rs 50 crores per kilometre, as against Rs 250 crores per kilometre in a traditional metro rail.
Impact on real estate
Nashik city has expanded considerably through infrastructure developments in the past five years in order to accommodate more people and property prices in Nashik have grown accordingly. Data available with the National Housing Bank (NHB) show that prices of properties in Nashik increased from Rs 3,276 per sq ft in December 2015 to Rs 3,864 per sq ft in December 2018. The arrival of the metro rail in the city, could further push prices upwards as this mass rapid transit network is known to do for any city it touches. It could also bring about a change in fortunes, for under-developed peripheral areas.
“While many developers launched projects in Nashik betting on its growth potential, an overall lull in the property market, led to a decline in home sales. The metro rail project could not have arrived at a better time,” says Vinod Shukla, a Mumbai-based real estate advisor, who also operates in the Aurangabad and Nashik markets. Prices of land would also appreciate in the city, Shukla adds.